Jump to content

Curious about Retirement


babadono

Recommended Posts

It depends upon the company you worked for. Dave is lucky, most corporations have destroyed or at best frozen pensions.

 

Nothing from the company but a 401k.  I missed the pension plan by about a year when I joined in 2005. 

 

Dave

Link to comment
Share on other sites

I'm Medicare age, but plan to work until 70 before collecting SS.
If you are at full retirement age for SS at 66, don't wait until you are 70. While it is true you get another 8.5% for each year after for up to four years, it will take you approx. 15 years to break even, meaning it will be 15 years before you make up what you weren't receiving for those 4 years.

 

Bruce

Link to comment
Share on other sites

The same case can be made for taking SS at 62.  It all depends on how long you are betting you will live.  The more life shorting your career is, the bigger the case for taking early.

 

 

 

That's my thought...although I might not get any SS

Link to comment
Share on other sites

While it is true you get another 8.5% for each year after for up to four years, it will take you approx. 15 years to break even, meaning it will be 15 years before you make up what you weren't receiving for those 4 years.

 

Fully agree.  Difference is a sucker bet. 

 

Dave

Link to comment
Share on other sites

I did not retire I am on disability. But the medical insurance cost is a lot I have been able to make ends meet with a lot of penny pinching. Stopped eating meat cause of cost and bad for you. Changed all lights to LED so keep cost of elec. down. According to my electric company I have some of the lowest bills in my neighbor hood.

I make sure to buy stuff only on sale. Sold extra car to keep those costs down. Ride bicycle to store when I can.

But other than the cost of stuff I like being able to do what I want when I want. Just can not afford to go do a lot of stuff I thought I would be able to do. Concert tickets are like 80 bucks.... would like new bike but dang those are high priced now....oh well I'm still alive after transplant so that's good huh.

Oh yea I forgot to mention when your on disability and you turn 62 you lose that extra money that you were getting. So I got to get ready for that great news. Making ends meet will get much harder then.

Edited by ricktate
  • Like 1
Link to comment
Share on other sites

I hear reverse mortgages are becoming more popular. Does anyone understand how these work? I'm just curious.
 

 

I can explain it to you.  Given how close we are to Hope time, ask me there.  It's early now & I have to get ready to leave.

 

One word for them (only my opinion) expensive for what they do.  But I think they could fit for some people.

  • Like 2
Link to comment
Share on other sites

  • Moderators

I hear reverse mortgages are becoming more popular. Does anyone understand how these work? I'm just curious.

I can explain it to you. Given how close we are to Hope time, ask me there. It's early now & I have to get ready to leave.

One word for them (only my opinion) expensive for what they do. But I think they could fit for some people.

I think what Richard says is very true. They can be a good fit for some situations but I think that is the exception rather than the rule.

You definitely want to be well prepared before looking in that direction.

https://www.consumer.ftc.gov/articles/0192-reverse-mortgages

Link to comment
Share on other sites

After 60 you are basically preparing and treating for all kinds of body system failures. Typically 6 pills per day seven days per week. You will have to invest in a seven compartment pill caddy to keep track of all the pills. You will also become very proficient in Latin to make  sure you are receiving the pills that were prescribed and the pharmacy didn't mess up and give you the wrong ones. Have  fun.

JJK

Link to comment
Share on other sites

Typically 6 pills per day seven days per week.

 

If it weren't for Type 1 diabetes I'd be on nothing.  Right now, just insulin at 67.  Had a checkup yesterday BP 120/80.  My 14 year is probably no better than that.  Doesn't mean I won't drop dead, but no reason to assume as much quite yet.

 

Dave

  • Like 1
Link to comment
Share on other sites

You are so right about the pills, take this in the morning, take that after you eat breakfast, take that an hour after that, take this in the afternoon.

Take that if you wake up at night, take this with food, take that with 8 ounces of water. My money is good, but my health has left town, oh well,

I enjoyed myself every day with my useless possessions, and I plan on fun until the end in the near future, but I do need help remembering all these PILLS.

Link to comment
Share on other sites

 

Typically 6 pills per day seven days per week.

 

If it weren't for Type 1 diabetes I'd be on nothing.  Right now, just insulin at 67.  Had a checkup yesterday BP 120/80.  My 14 year is probably no better than that.  Doesn't mean I won't drop dead, but no reason to assume as much quite yet.

 

Dave

 

That's very good. I'm 53 and do not take any pills, just an Advil sometimes.

You had a child at 53? That's terrific. I adopted my wife's 2 daughters, the youngest is 15….I thought I was an older Dad, keeps me young :D

Link to comment
Share on other sites

To my fellow Klipschsters who have already retired:

 Have your cost of living expenses gone up, down or remained about the same?

 The rest of you: BACK TO WORK!

 

About the same.

 

Medical expenses can be terrible, but not for us because of a combination of Medicare, and a supplemental to Medicare Blue Cross policy arranged by CALPERS, one of the biggest and best employee organizations.  While we had to pay into it while working, and for a while after retirement, they no longer charge us, because of the good investments they made over the years.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...